Cornerstone Wealth Group LLC Purchases Shares of 26,208 M&T Bank Co. (NYSE:MTB)

Cornerstone Wealth Group LLC acquired a new position in shares of M&T Bank Co. (NYSE:MTB) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 26,208 shares of the financial services provider’s stock, valued at approximately $3,812,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. HHM Wealth Advisors LLC acquired a new stake in M&T Bank during the 4th quarter worth about $25,000. General Partner Inc. acquired a new position in shares of M&T Bank in the 1st quarter valued at about $27,000. Headinvest LLC acquired a new position in shares of M&T Bank in the 3rd quarter valued at about $29,000. BKM Wealth Management LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at about $32,000. Finally, Creative Financial Designs Inc. ADV acquired a new position in shares of M&T Bank in the 4th quarter valued at about $33,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of research reports. DA Davidson reiterated a “neutral” rating and issued a $159.00 target price on shares of M&T Bank in a report on Tuesday, April 16th. Wells Fargo & Company increased their price objective on M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 16th. StockNews.com downgraded M&T Bank from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. Evercore ISI increased their price objective on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. Finally, Piper Sandler restated an “overweight” rating and issued a $164.00 price objective on shares of M&T Bank in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $161.51.

Insiders Place Their Bets

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now directly owns 3,362 shares in the company, valued at $464,662.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other M&T Bank news, Director John P. Barnes sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $147.11, for a total transaction of $1,471,100.00. Following the completion of the sale, the director now directly owns 34,545 shares of the company’s stock, valued at approximately $5,081,914.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The disclosure for this sale can be found here. Insiders sold 97,553 shares of company stock worth $14,724,147 over the last three months. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

MTB stock traded up $3.71 during midday trading on Friday, hitting $151.36. The stock had a trading volume of 1,989,882 shares, compared to its average volume of 757,229. The firm has a market capitalization of $25.25 billion, a price-to-earnings ratio of 10.23, a P/E/G ratio of 2.97 and a beta of 0.78. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $156.65. The stock has a 50-day simple moving average of $148.32 and a 200 day simple moving average of $142.00. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period last year, the business earned $4.09 earnings per share. As a group, equities research analysts anticipate that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 3.57%. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.